Cheetah Net Supply Chain Service Inc. reported a significant shift in its business model and financial performance in its latest 10-K filing. The company, which historically focused on the sale of parallel-import vehicles, has transitioned to logistics and warehousing services following a steep decline in vehicle sales. For the year ended December 31, 2025, Cheetah Net generated total revenue of $1.29 million from its logistics operations, a substantial increase of 182.7% compared to $455,805 in 2024. This growth was primarily driven by the acquisition of TWEW, which contributed $1.07 million, accounting for 83.3% of total revenue.
The company's previous parallel-import vehicle business faced severe challenges, with sales plummeting by 95.7% in 2024, resulting in only 14 units sold compared to 303 units in 2023. This decline was attributed to weakening macroeconomic conditions, increased competition from luxury automakers, and a shift in consumer preferences towards domestic electric vehicles. Consequently, Cheetah Net's board approved the discontinuation of this segment on March 3, 2025. The company recorded a credit loss of $1.6 million in 2024 due to difficulties in collecting outstanding receivables from this business.
Strategically, Cheetah Net has made several key acquisitions to bolster its logistics capabilities. In February 2024, the company acquired Edward Transit Express Group Inc., a common carrier specializing in ocean transportation, and in December 2024, it acquired TW & EW Services Inc., which provides general labor and logistics services. These acquisitions have allowed Cheetah Net to pivot its focus towards international trade flows between the U.S. and the PRC, with a new headquarters established in Irvine, California, to enhance operational efficiency.
Operationally, Cheetah Net's logistics and warehousing business had 18 active customers as of December 31, 2025, down from 24 in 2024. The company is currently working to improve its market presence and operational efficiencies in California. Despite the challenges faced during the transition, Cheetah Net reported a net loss of $3.65 million for 2025, a slight increase from a loss of $3.23 million in 2024. The company remains optimistic about its future, focusing on expanding its logistics services and improving operational efficiencies to achieve profitability.
About CHEETAH NET SUPPLY CHAIN SERVICE INC.
Cheetah Net Supply Chain Service Inc. operates in international logistics and warehousing, specializing in freight forwarding, cargo storage, U.S. customs clearance, and labor services between the U.S. and China. Formerly focused on parallel-import luxury vehicles for the Chinese market, the company shifted to logistics, leveraging its expertise and carrier relationships. It serves U.S.-based merchants and importers, acting as a Non-Vessel-Operating Common Carrier (NVOCC) to streamline cross-border supply chains.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.